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The digital wallet is already the top P2P service among teens. Its youth-facing products could help monetize the app

Adoption of digital wallets is approaching critical mass, but they won鈥檛 replace physical wallets anytime soon. However, a super app may be on the horizon, especially if companies can crack the ability to integrate payments with shopping services.

Providers are leaning in: Cash App offers teen accounts with a limited set of privileges, and Venmo will debut similar accounts this summer. Reaching Gen Z and Gen Alpha through their parents鈥攁nd then onboarding younger users鈥� social groups鈥攃an fuel gains. But lack of trust in mobile P2P apps is stifling user growth.

To view the full Cash App forecast, click here. Marketplace sellers are a growing $600 billion opportunity ripe for modern card issuing solutions. Marketplaces benefit from modern card issuing data insights and efficiencies. Marketplace ecommerce sales will grow at an 11.9% average annual rate between 2023 and 2027 to top $600 billion, per our forecast.

Block鈥檚 revenue contribution was primarily driven by Cash App, with Afterpay and the Square debit card also playing a role, Marqeta CFO Mike Milotich said on the company鈥檚 earnings call. Here鈥檚 a breakdown of Marqeta鈥檚 TPV performance on a vertical basis. Financial services: TPV growth was slightly faster in Q4 than in Q3 thanks to increasing Cash App card penetration.

That鈥檚 why PayPal, Venmo, Cash App, Apple Pay, Google Pay, and Samsung Pay are quickly introducing novel features鈥攐r quickly copying ones from competitors. The pace of commerce management feature innovation is reaching a frenzy. Six months ago, we identified four emerging features that digital wallets could add to centralize purchasing within consumers鈥� wallets of choice:.

Visa+ will connect Venmo and PayPal before expanding to other wallets. Here's what it means for P2P apps.

For example, last year Amazon introduced Buy with Prime and Block expanded Cash App Pay beyond the Square ecosystem. By introducing enhanced features, PayPal can drown out noise from rivals and maintain its checkout dominance. Why it鈥檚 worth watching: The enhancements align with PayPal鈥檚 push to invest in 鈥渉igh-conviction projects.鈥�.

Cash App, Venmo, and Zelle account for the majority of US peer-to-peer (P2P) payment volume, which is expected to reach $1.402 trillion this year, according to Insider Intelligence forecasts. Twitter will need to convince users that its payment service offers more value than competitors.

Capturing this spending requires investment in accepting not only wallets powered by near-field communication (NFC) technology, but QR code solutions like Venmo and Cash App as they expand in-store. 2. Contactless card volume will grow by double digits to comprise 8.8% of in-store retail and food services sales next year, per our projections.

The stat: Apple Pay ranked No. 1 for payment apps used within the last month, followed by Cash App. Our view: Gen Z鈥檚 affinity for Apple-branded products and services put its mobile payment app at the top of their list. And now, with the launch of Apple Pay Later, it may become a fast favorite among teen buy now, pay later (BNPL) users.

Fiserv's core banking platform will directly link over 3,000 FIs to Plaid's network of more than 8,000 third-party apps. This integration strategy mitigates barriers encountered by the small FI clients when sharing information with apps like Venmo and Cash App. Fiserv also plans to collaborate with other fintech aggregators like Akoya, Finicity, and MX to expand open banking capabilities.

Registry creators can earn and redeem Kohl鈥檚 Cash coupons during designated periods, and members of the Kohl鈥檚 Rewards loyalty program can earn points daily on baby registry purchases. They also receive a 15% discount on select items that weren鈥檛 purchased.

Like Cash App and Venmo have debit cards, for example. Cash App now has a savings account. These things let customers hold a balance and then it sort of embeds them in the ecosystem even if they don't necessarily have a bank account of their own.

Iterate on an app at the pace Gen Zers expect. Follow with improvements to the omnichannel: Enable the mobile banking app to facilitate interactions with bankers, ATMs, and customer service representatives. Individualize services and digital advice by life stage.

Akin to the super app playbook, users can apply wallet balances to a broadening array of products and features鈥攊ncluding debit cards, bill payment services, crypto, and multicurrency exchange rates. But the lingering power of cash should not be underestimated.

Things like Apple Pay, Google Pay, even some P2P apps like Venmo and Cash App are moving in-store, and retailer wallets like Walmart Pay, looking at how as adoption of these wallets grows, how average spending grows.

The news: Amazon is embedding Grubhub within Amazon.com and the Amazon Shopping app, while offering members of its Prime membership program a free subscription to Grubhub+ (which normally costs about $120 annually). Amazon previously offered Prime members a free one-year Grubhub+ membership, which automatically renewed at full price.